India FX Reserves, USD declined to $314.66B from previous $316.31B

Ruairi Hourihane and Sphia Salim, Rates Strategists at Bank of America-Merrill Lynch, note that market expectations reduced substantially after the TLTRO allotment stayed just over half of the available allowance, further adding that the TLRTO number doesn’t derail the prospect of QE in Q1, 2015.